The Renewables Infrastructure Group has completed a deal to buy a 10MW wind farm in Scotland for a total £22.6 million ($29.2 million; €26.9 million).
The Neilston Community project was acquired by the London-listed fund from developers Carbon Free and Neilston Development Trust. The site has been operating for four years and is accredited under the UK’s 1.0 ROC subsidy scheme.
TRIG added that the deal has been secured without any third-party project debt. Under the terms of the scheme’s classification as a community wind farm, the Neilston community in East Renfrewshire has been entitled to a 28.3 percent share of the project’s pre-tax profits. TRIG confirmed this is no longer the case and it would receive all of the wind farm's profits.
The fund said the deal has been financed by proceeds of its £110 million equity raise at the end of March. The placing represented a significant increase on its initial target of £50 million and TRIG said the demand was “scaled back substantially”.
The placing also helped finance its acquisition of its first battery storage project – a 20MW facility in Scotland – and a 30.6MW wind farm in Wales. The latest deal has increased its portfolio to 54 projects with a combined capacity of 720MW.